Binance Adds Paxos Standard (PAX) To its New Stablecoin Market (USDⓈ)

[PRIBO247]

The team at Binance has just announced that they will be
adding the Paxos Standard Token (PAX) as a base
currency in the platform’s new Combined Stablecoin
Market (USDⓈ). The team went on to announce that the
following trading pairs will now be active in the new
market effective November 29th at 1pm UTC.

1. BNB/PAX
2. BTC/PAX
3. ETH/PAX
4. XRP/PAX
5. EOS/PAX
6. XLM/PAX

Delisting of PAX Pairs with the Base Currencies of BTC, ETH and BNB

The exchange went on to add that they would be delisting
other trading pairs of PAX with different base currencies.

The announcement went on to state the following:

Please note: The existing PAX/BNB, PAX/BTC, PAX/ETH trading pairs will be removed and delisted at 2018/11/30 1:00 PM (UTC). All existing orders in each order book will also be canceled at this time.

About Paxos and Its Future at Binance;

The firm behind the stablecoin is also known as Paxos
and plans to modernize finance by digitizing assets to
solve existing settlement risks associated with
traditional methods. Paxos is the first regulated Trust
Company with blockchain expertise.

The PAX stablecoin is backed 1:1 by US dollars held
in FDIC-insured US banks. Constant auditing assures
that the bank balances match the supply in the crypto
markets.

Charles Cascarilla, Paxos co-founder and CEO, had this
to say about the new development at Binance:

"Demand for PAX has grown very quickly since we
launched just over two months ago, making it clear
that traders want a stable, regulated and transparent
stablecoin."

Binance is responding to this demand by giving
traders the ease of PAX-denominated trading. We
believe this will help bring greater confidence and
stability to crypto markets at large.

Binance Eyes Institutional Investors;

The move by the exchange to change the Tether (USDT)
market to a Combained Stable Coin Market (USDⓈ), might
be a few of many to attract institutional investors to
trade on the platform.

Earlier this month, the exchange a bunch of new features
aimed at catering for the needs of institutional investors.
Binance went on to state that it was preparing
beforehand for the potential demand in the future through
the following actions.

1. Continuing to build the technology required to
provide the highest level of security, reliability and
liquidity on its platform
2. Quality selection of tradable tokens and coins
3. Services catered specifically for high volume
traders such as its tiered trading fee discount
program
4. Increased support for corporate accounts including
customization of API and withdrawal limits
5. Creating a new division known
as Binance Research
6. Plans to create Sub-Accounts for Institutional
investors. Each client could have the possibility of
200 such sub accounts under one account.

Source : https://ethereumworldnews.com